Best for
Digital-first savers wanting a high everyday rate
EQ Bank Savings Plus Account: Consistently high everyday rate; functions as chequing and savings
Saving Money
High-Interest Savings Comparison
Compare rates, limits, insurance, and withdrawal rules.
Updated May 26, 2026
Fact-checked by MoneyMapCanada Editorial TeamUpdated May 26, 2026
MoneyMapCanada Editorial Team
Editorial review and fact-check team
The MoneyMapCanada Editorial Team reviews every article and calculator for factual accuracy, source integrity, and consistency with current Canadian government guidance. Each piece is cross-checked against CRA publications, FCAC consumer guidance, CMHC rules, or CDIC coverage definitions before publication. The team also monitors for rate and rule changes and flags outdated content for revision.
Fact-check process: each article cross-referenced against the named government source before publication
Rate and rule monitoring: content flagged and updated when CRA, FCAC, CMHC, or CDIC guidance changes
Sample total value score
EQ Bank Savings Plus Account92/100
Wealthsimple Cash Account84/100
Tangerine Savings Account76/100
Oaken Financial GIC / HISA (Home Bank)68/100
How this comparison works
Scores and table rows are educational examples, not paid rankings or personalized recommendations. Compare the full cost, eligibility rules, flexibility, support access, and current provider terms before choosing a financial product.
Comparison table
Fees, APR, ratings, pros and cons
| Product | Rating | Monthly / Annual Fee | APR / Rate | Best For | Pros | Cons |
|---|---|---|---|---|---|---|
EQ Bank Savings Plus Account Consistently high everyday rate; functions as chequing and savings | 4.8 | $0 | 3.00%–4.00% (promotional periods) | Digital-first savers wanting a high everyday rate | No fee; free e-transfers; debit card available; CDIC insured up to $100k | Online-only; no branch access; limited ATM network |
Wealthsimple Cash Account High rate plus hybrid chequing features; instant e-transfers | 4.6 | $0 | 4.00%+ for Premium members | Existing Wealthsimple investors wanting to consolidate accounts | High rate; instant transfers; integrates with investing account | Best rates require Premium status; CDIC insured via network of partners |
Tangerine Savings Account Scotiabank backbone; welcome offer rate for new deposits | 4.2 | $0 | 0.30% regular; 4.00–6.00% welcome promos | New depositors chasing welcome offers; Scotiabank customers | Welcome rate is competitive; CDIC insured; linked to chequing easily | Ongoing rate drops sharply after promo; manual rate-chasing required |
Oaken Financial GIC / HISA (Home Bank) Guaranteed rate for term; among highest GIC rates in Canada | 4.4 | $0 | 3.50%–4.50% (1-year GIC range) | Savers with funds they won't need for 1–5 years | Competitive guaranteed rate; CDIC insured; simple setup online | Funds locked until maturity; limited liquidity compared to HISA |
Best for
Existing Wealthsimple investors wanting to consolidate accounts
Wealthsimple Cash Account: High rate plus hybrid chequing features; instant e-transfers
Best for
New depositors chasing welcome offers; Scotiabank customers
Tangerine Savings Account: Scotiabank backbone; welcome offer rate for new deposits
Check current offers
Compare live saving money rates from Canadian providers
The table above uses planning examples. Actual fees, rates, and offers change — verify directly with providers before applying.
HISA rates — Ratehub
Live high-interest savings account rates from Canadian banks
EQ Bank savings account
One of Canada's consistently higher everyday rates
Wealthsimple Cash
High-rate hybrid chequing and savings account
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Sources used
Official references checked for this page
Updated May 26, 2026
Each claim on this page is traceable to one of the government authorities or regulators below. Rates, tax rules, eligibility requirements, and product terms can change — verify current details directly with the linked source before making any financial decision.
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